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Nature or Principles of Management

Management is both an art and a science, involving the effective utilization of resources to achieve predetermined objectives. It is a continuous process that requires organized activities, decision-making, and leadership at all levels of an organization. Management is dynamic, applicable across various industries, and aims to maximize profit through systematic coordination of resources.

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Michael Augustin
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10 views6 pages

Nature or Principles of Management

Management is both an art and a science, involving the effective utilization of resources to achieve predetermined objectives. It is a continuous process that requires organized activities, decision-making, and leadership at all levels of an organization. Management is dynamic, applicable across various industries, and aims to maximize profit through systematic coordination of resources.

Uploaded by

Michael Augustin
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Nature or Principles of Management

1. Art as well as Science


▪ Both an art and a science
▪ Art – the sense of possessing of managing skill by a person.
▪ Science – developing certain principles or laws where a group of
activities are co-ordinated
2. Management is an activity
▪ Activity – effective utilization of available resources for production
▪ Resources – men, money, materials, machine, methods and
measurement
3. Management is a continuous process
▪ Resources of an organisation should be used to the best advantage
of the organsiation and the objectives to be achieved.
4. Management achieving pre-determined objectives
▪ Every managerial activity results in the achievement of objectives
fixed well in advance
5. Organised activities
• A group is formed not only in a public limited company but also in
an ordinary club.
• All the organisation have their own objectives
• Objectives achieved only by a group of person
• These persons activities should be organised in a systematic way to
achieve the objectives
6. Management is a factor of production
▪ The factors of production – land, labour, capital and entrepreneurs
▪ Land – where production is carried on
▪ Labour – paid employees working in different levels as skilled,
unskilled, semi-skilled, manager and supervisor
▪ Capital – working capital as in the form of cash, raw materials and
finished goods and fixed capital as in the form of plant facilities
and production facilities.
▪ Theses land, labour and capital could not realize the organization's
goals.
▪ The organisation goals are achieved only when these are
effectively co-ordinated by the entrepreneur.
7. Management as a system of activity
• A system may be defined as a set of component parts working as a whole.
• Authority may be defined as a right to command others for getting a
particular course of organisational work done.
• The very purpose of using the authority is to check and control the
behaviour of subordinates.
8. Management is a discipline
• The boundaries of management are not exact as those of any other physical
sciences.
• It may be increased by the continuous discovery of many more aspects of
business enterprise.
9. Management is a purposeful activity
• It is concerned with achievement of objectives of an organisation .
• These objectives are achieved through the functions of management.
• Organisational objectives are clearly defined and explained to every
employee.
10. Management is a distinct entity
• It has the nature of “how to get things done”. A manager requires some
amount of skill and knowledge to get work done.
11. Management aims at maximizing profit
• The available resources properly utilized to get desired results.
• The results should be maximizing profit by the economic functions
of a manager
12. Decision – making
• It arises only when there is an alternative course of action
• If there is only one course of action, need for decision making does
not arise.
• The success or failure of an organisation depends upon the degree
of right decision taken by the manager.
13. Management is a profession
• A fund of knowledge is imparted and transferred in the profession
and the same is followed by management.
• The established principles are applied in practice
14. Universal application
• The principles and practices of management are applicable not to
any particular industry alone but to every type of industry.
• The practice of management is different from one organisation to
another according to their nature.
15. Management is getting things done
• A manager does not actually perform the work but he gets
things done by others.
16. Management as a class or a team
• A class may be defined as a group of people having
homogenous characteristics to achieve common objectives .
• Just like engineers and doctors, the management people have
got similar aspirations to achieve corporate objectives
17. Management as a career
• Now-a-days, management is developed as a career focused
on certain specialisation
• Specialists are appointed in the key posts of top management
18. Direction and control
• If the available resources are not utilized properly by him, he
fails to achieve the corporate objectives in the absence of
direction and control
19. Dynamic
• The management is not static. In the fast developing business
world , new techniques are developed and adopted by the
management
• Management is changed according to the social change. The
social change is the result of the changing business world
20. Management is needed at all levels
• The functions of management are common to all levels of
organisation.
• The top executives perform the functions of planning,
organising, directing, controlling and decision making.
• The same functions are also performed by the lower level
supervisor
21. Leadership quality
• It is developed in the persons who are working in the top
level management .
• According to Davis, “management is the function of executive
leadership every where.

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